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Tuesday, March 12, 2013

Govt. to introduce new pension, life insurance scheme for overseas Indian workers

Sensing
the importance of overseas Indian workers in the country's development,
the government of India has recently announced a new pension and life
insurance scheme for overseas Indian workers that would allow over five
million workers, especially those working in the Gulf, to save money for
the future.Addressing the 10th Pravasi Bharatiya Divas in
Jaipur the Prime Minister, Dr Manmohan Singh announced the government's
decision to introduce and sponsor the Pension and Life Insurance Fund.
“The scheme will encourage the overseas workers to voluntarily save
money for their resettlement and old age", Dr. Singh said. There were over 1,900 delegates from 60 countries present in the seminar.“The
scheme will encourage, enable and assist overseas workers to
voluntarily save for their return and resettlement and old age. The
scheme, which was recently cleared by the Cabinet, will also provide a
low-cost life insurance cover against natural death", he added.Under
the scheme, the government would co-contribute Rs 1,000 per annum for
all subscribers who contribute between Rs 1,000 and Rs 12,000 per annum.
Overseas women workers would enjoy a special additional co-
contribution of Rs 1,000 per annum. “This scheme fulfils a long-pending demand of our workers abroad," Dr. Singh said.

1 comment:

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